FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
Of the Securities Exchange Act of 1934
For Quarter Ended September 30, 2000
Commission File Number 0-14047
MAXUM DEVELOPMENT, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2392188
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
6975 SOUTH UNION PARK DRIVE #600
SALT LAKE CITY, UTAH 84047
(Address of principal executive offices)
Registrant's telephone number
including area code (801) 256-9600
Former Address, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or such shorter period that the
registrant was required to file such reports)
Yes X No
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
5,798,697
(Number of shares of common
stock the registrant had
outstanding as of November 13, 2000)
PART 1
ITEM 1 - FINANCIAL STATEMENTS
The condensed financial statements included herein have been prepared by
the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed
or omitted pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the information presented
not misleading.
In the opinion of the Company, all adjustments, consisting of only normal
recurring adjustments, necessary to present fairly the financial position of
the Company as of September 30, 2000 and the results of its operations and
changes in its financial position from June 30, 2000 through September 30,
2000 have been made. The results of its operations for such interim period
is not necessarily indicative of the results to be expected for the entire year.
MAXUM DEVELOPMENT, INC.
Balance Sheet
ASSETS
September 30, December 31,
2000 1999
(unaudited)
CURRENT ASSETS
Interest receivable $ 13,125 7,500
TOTAL ASSETS $ 13,125 $ 7,500
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 300 300
Notes Payable 39,000 39,000
Interest Payable 6,341
4,875
Total Current Liabilities 45,641 44,175
STOCKHOLDERS' EQUITY
Common Stock 10,000,000 shares
authorized at $.001 par value;
5,798,697 shares issued and outstanding 5,799 5,799
Capital in Excess of Par Value 1,075,301 1,075,301
Accumulated Deficit During Development
Stage (963,616) (967,775)
Less: Subscriptions Receivable (150,000) (150,000)
Total Stockholders' Equity (32,516) (36,675)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 13,125 7,500
MAXUM DEVELOPMENT, INC.
Statements of Operations
(unaudited)
For the Three For the Three For the Nine For the Nine
Months Ended Months Ended Months Ended Months Ended
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
REVENUE $1,875 $1,875 $ 5,625 $ 5,625
EXPENSES
Interest 488 500 1,466 1,480
Dues and Fees - - - -
Total
Expenses 488 500 1,466 1,480
NET INCOME
(LOSS) -
Before Taxes $ 1,387 $1,375 $4,159 $ 4,145
Taxes - - - -
INCOME (LOSS) $ 1,387 $1,375 4,159 $ 4,145
Loss Per Common
Share $ - $ - $- $ -
Average
Outstanding
Shares 5,798,697 5,798,697 5,798,697 5,798,697
MAXUM DEVELOPMENT, INC.
Statements of Cash Flows
(unaudited)
For the Nine For the Nine
Months Ended Months Ended
September 30, September 30,
2000 1999
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (Loss) $ 4,159 $ 4,145
Increase (Decrease)
in Accounts Payable/Interest Payable 1,466 1,480
Interest receivable (5,625 (5,625)
- -
CASH FLOWS FROM
INVESTING ACTIVITIES - -
- -
CASH FLOWS FROM
FINANCING ACTIVITIES - -
- -
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS - -
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD - -
CASH AND CASH EQUIVALENTS
AT END OF PERIOD - -
CASH PAID DURING THE PERIOD FOR:
Interest $ - $ -
Income Taxes (Including
Interest & Penalties) $ - $ -
MAXUM DEVELOPMENT, INC.
Notes to the Financial Statements
September 30, 2000
NOTE 1 - INTERIM FINANCIAL STATEMENTS
Management has elected to omit all of the disclosures for the interim
financial statements ended September 30, 2000but has made all the necessary
adjustments to present an accurate financial statements for the nine months
presented.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Liquidity and Capital Resources. The Registrant had approximately $(32,516)
as operating capital at September 30, 2000, compared to $(36,675) for the
period December 31, 1999. The Registrant intends to raise additional funds as
needed through private placements with accredited and sophisticated investors.
Results of Operation. Due to the lack of operations during the quarter
ended September 30, 2000, the registrant had net income of $1,387, compared to
a net income of $1,375 for the same period last year. The registrant had net
income of $4,159 for the nine months ended September 30, 2000, compared to
$4,145 for the same period last year.
Plan of Operations. The Company is currently in the process of looking
for business opportunities to acquire or merge with. There is no guarantee
that management will be successful in finding such an opportunity. The
Company is also in the process of bringing all of its periodic reports current
for filing with the Securities and Exchange Commission. During this process,
the Company intends to raise operational capital through private placements.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings. None
Item 2. Changes in Securities. None
Item 3. Defaults Upon Senior Securities. None
Item 4. Submission of Matters to a Vote of Security Holders. None
Item 5. Other Information. None
Item 6. Exhibits and Reports on Form 8-K. None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned authorized officer.
Dated November 6, 2000
Maxum Development, Inc.
/s/ Paul Adams
